Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (2 lettori)

[paologorgo]

WASHINGTON, Jan 30 (Reuters) - General Motors Corp (GM.N) could face a multibillion-dollar tax hit under its $13.4 billion federal bailout, a scenario the automaker faces just weeks before it must file a restructuring plan with the government.
Two sources familiar with bailout terms said the company has asked Congress to address the matter in economic stimulus legislation, which is expected to be finalized by mid-February.
GM and its allies in Congress believe it makes little sense for the bailout to generate a massive cash liability, especially when the government demands the company cut expenses, according to the sources.
GM declined comment.
The House of Representatives made no tax changes for GM in its massive $825 billion stimulus package approved on Wednesday. However, the tax issue could be addressed in eventual negotiations with the Senate on a compromise stimulus bill.
The Senate will begin debating its version of the stimulus package next week.
Lawmakers have also discussed the issue with Treasury Department officials to see whether a fix should be handled administratively or through legislation, a congressional aide said. A decision from Treasury could come next week.
GM has lobbied members on the income tax liability, which is related to its use of stock to reduce debt and preserve liquidity, the sources said.
The company is trying to halve its $60 billion debt by offering equity to bondholders. GM also wants to fund part of a health care trust for retired union workers with shares, rather than cash.
Bailout legislation that died in Congress included a provision that would have allowed GM to avoid the tax bill, but the rescue package eventually approved by the White House and Treasury officials in December did not.
GM has received $9 billion of $13.4 billion in promised bailout loans from the government's corporate rescue fund. Chrysler received $4 billion.
Both companies must submit restructuring plans to the government by Feb. 17 and demonstrate their longer-term viability by March 31.
Chrysler LLC, which is privately held and also received bailout funds, does not face a similar tax liability. (Reporting by John Crawley; Editing by Bernard Orr)

http://www.reuters.com/article/marketsNews/idINN3046052420090130?rpc=44

 

[Imark]

Dunque, Ford dispone di linee di credito secured per 10,1 mld $ senza financial covenants e senza material adverse change provision, per cui le può utilizzare e nel mentre aspetta che GM "faccia il lavoro" con la UAW ...

Sempre che tutto vada bene... e poi queste disponibilità bancarie sono secured: i bondisti dunque scalano di un posto, sempre nella famosa sciagurata ipotesi...

[FONT=verdana,arial,helvetica]Moody's says Ford's Caa3 rating unchanged following earnings release.[/FONT]

[FONT=verdana,arial,helvetica]New York, January 29, 2009 -- Moody's Investors Service said that Ford Motor Company's Caa3 Corporate Family Rating (CFR) and Probability of Default rating, as well as its SGL-4 Speculative Grade Liquidity rating remain unchanged following the company's announcement of net losses of $5.9 billion for the fourth quarter of 2008 and $14.6 billion for the full year. Ford also announced that a $5.5 billion fourth quarter cash burn reduced its gross cash position to $13.4 billion, and that it will draw down $10.1 billion under its committed credit lines. The company has stated that a drawing under the lines will insure availability of the funds in the face of considerable instability and uncertainty within the capital markets. [/FONT]

[FONT=verdana,arial,helvetica]Moody's Caa3 and SGL-4 ratings continue to reflect the severe erosion in US and European automotive demand, the significant pace of cash consumption that Ford will experience through 2009, and the risk that the company will have to undertake some form of balance sheet restructuring in order to achieve the same UAW concessions that General Motors (GM) and Chrysler are likely to achieve as a result of the recently-approved government bailout loans. Such a balance sheet restructuring would likely entail a loss for bond holders and would be viewed by Moody's as a distressed exchange and consequently treated as a default for analytic purposes. [/FONT]

[FONT=verdana,arial,helvetica]Ford continues to maintain, based on its current planning assumptions, that it has sufficient automotive liquidity to fund its business plan and product investments, and that it does not need a bridge loan from the US government. A critical element of this liquidity profile is the $10.1 billion being drawn under its secured credit facility which has no financial covenants and no material adverse change provision. The current ratings anticipate that the drawing will be funded by the lenders. Should the funding not take place or should it be materially less that the $10.1 billion committed level, Ford could become more reliant on access to government loans to enhance its liquidity position. In such an event, Ford would be subject to similar balance sheet restructuring provisions as those facing GM and Chrysler, and its long-term rating would be lowered to Ca. [/FONT]

[FONT=verdana,arial,helvetica]The last rating action on Ford was a downgrade of the company's Corporate Family Rating to Caa3 from Caa1 on December 22, 2008.[/FONT]

 

[yellow]

(ANSA) - 2 FEB -
Ford Motor potrebbe dover accedere al piano di aiuti del governo americano a fine 2009.

Lo scrive un analista di Barclays Capital, Brian Johnson.

L'analista ha messo in evidenza i rischi per le condizioni di liquidita'
e per la crescita del debito della casa automobilistica
e ha tagliato il giudizio sul gruppo a 'underweight'
da 'equal-weight' e ridotto il prezzo obiettivo da quattro a un dollaro, motivando la decisione.Johnson si aspetta inoltre una perdita di 4,3 mld di dollari nel quarto trimestre.

 

[paologorgo]

NEW YORK, Feb 2 (Reuters) - Ford Motor Co (F.N) is likely to undergo a bond exchange to reduce its debt burden, though the company is the least likely of the three largest Detroit automakers to file for bankruptcy protection, KDP Investment Advisors said in a report.
"We believe there is little chance that Ford's unsecured notes will be paid back at par and expect the company to announce a distressed debt exchange in the coming months, along with GM, in an effort to reduce its level of unsecured debt as it piles on secured debt," KDP analyst Kip Penniman said in a report issued on Friday.
General Motors Corp (GM.N) is undertaking a debt-to-equity exchange that the automaker expects will reduce its unsecured U.S. debt to $9 billion from nearly $28 billion.
A reduction in the debt load and concessions from union workers are needed as part of a plan to restructure the company in return for $13.4 billion in government loans.
Ford last week reported a record $14.6 billion full-year loss, but said it would have enough cash to survive the worst downturn in auto sales in decades without a U.S. government bailout. For details, see [ID:nN29300793]
Ford Chief Executive Alan Mulally also said in an analyst conference call that the company was in talks with all its "stakeholders" about improving its balance sheet.
In spite of its debt burden, Ford has a stronger liquidity profile than its main competitors and may be able to withstand the industry slowdown without seeking funds from the government's Troubled Asset Relief Program, or TARP, said KDP's Penniman.
"We project the automaker's cash balances will fall to near minimum levels in 2010, however, we believe Ford stands a chance of managing its liquidity without accessing TARP funds," Penniman said. (Reporting by Karen Brettell; editing by Gary Crosse)

http://www.reuters.com/article/marketsNews/idINN0245261520090202?rpc=44

 

[c0ltran3]

GM, Chrysler Said to Offer New Union Buyouts as Sales Slow

By Jeff Green and Mike Ramsey
Feb. 2 (Bloomberg) -- General Motors Corp. and Chrysler LLC, propped up with $13.4 billion in emergency federal loans, are offering new buyout programs to factory employees to reduce labor costs as sales slow.
GM’s program consists of a $25,000 voucher to buy a new auto and $20,000 in cash to employees who are eligible to retire or ineligible United Auto Workers members willing to quit, said a UAW official, who quoted from a letter sent to unions and didn’t want to be identified because the offer isn’t public yet.
The largest U.S. automaker also will offer early retirement to workers at least 50 years old with 10 years’ service, the official said. GM spokesman Tony Sapienza had no comment.
Chrysler confirmed it is offering buyouts to its 26,800 U.S. hourly workers from today through Feb. 25 without giving details.
The buyout offers were delivered to local presidents today from the UAW’s national office, said another union leader, who also didn’t want to be named because the specifics haven’t been announced.
Chrysler is offering a $50,000 cash payment and a voucher for $25,000 to purchase a new vehicle for workers who are eligible to retire, said the UAW leader. Workers not eligible for retirement are being offered $75,000 in cash plus a $25,000 voucher, the union leader said.
Workers employed at now-closed plants near St. Louis and in Newark, Delaware, are being offered more, the union official said.
Trade publication Automotive News reported the Chrysler buyout earlier today.
To contact the reporters on this story: Jeff Green in Southfield, Michigan, at [email protected]; Mike Ramsey in Southfield, Michigan, at [email protected]

 

[paologorgo]

By JOHN D. STOLL and JEFF BENNETT

Fiat SpA is racing to meet a Feb. 17 deadline to comb through the operations of Chrysler LLC before going forward with a joint venture by the car makers, Fiat's chief executive said in an interview Monday.
Under terms of the emergency loans Chrysler received from the U.S. government, it must present a plan by that date showing how it intends to be viable. The Fiat pact is a key part of the effort.
Sergio Marchionne said Fiat is still studying the vehicle-production operations of Chrysler and then will turn to its due-diligence analysis of its finances. Under the deal, Fiat will end up with at least a 35% stake in Chrysler in exchange for helping revitalize the U.S. car maker.

AP
Fiat CEO Sergio Marchionne says the Italian company will give Chrysler $3 billion in expertise.

Mr. Marchionne said Fiat will provide technology and engineering for the U.S. company to make small cars that would meet coming stricter federal fuel-economy standards. Such know-how would cost Chrysler $3 billion or more to develop, he said.
Fiat also would help the company operationally, he said. Mr. Marchionne is credited with helping turn around Fiat after taking the CEO job in 2004.
For Fiat, the alliance is a "lottery ticket" that could be worth nothing if Chrysler doesn't recover, he added.
Chrysler nearly ran out of money at the end of last year but was saved when the U.S. government gave the company $4 billion in emergency loans. Chrysler needs to submit a plan by Feb. 17 showing it can become "viable" to meet the terms of the loans and qualify for more federal funds. The company has said it needs an additional $3 billion.
General Motors Corp., which received $9.4 billion from the federal government and is hoping to get at least $4 billion more, also must provide a turnaround plan by that date.
Chrysler's Fiat alliance has raised questions about whether the U.S. government would in effect be providing aid to a foreign auto maker. Mr. Marchionne said Fiat wouldn't take any money out of Chrysler until the government is paid back. "We're doing this for free," he said.
Ken Elias, an automotive consultant, said Fiat is taking on little risk while gaining access to the large North America market.
Mr. Marchionne and other Fiat executives have held discussions with their Chrysler counterparts over the last several days to get a deeper understanding of the U.S. company's operations before moving forward with a binding alliance agreement. Fiat has not yet scoured Chrysler's books, Mr. Marchionne said.
He said he believes Chrysler can be a viable company but said he is not sure if it needs three brands -- Chrysler, Dodge and Jeep -- given that it is selling roughly one million vehicles a year in the U.S., about half of its total of a few years ago. "Mass is important," he said.
Mr. Marchionne said a car maker eventually needs to sell at least five million vehicles a year globally to be viable. A Fiat-Chrysler alliance would sell about 4.5 million.
Fiat is looking to Chrysler to return to the U.S., which it abandoned in the early 1980s. Mr. Marchionne said Fiat could begin exporting cars to the U.S. within 12 to 14 months under the alliance.
The first vehicle Fiat would look to sell in the U.S. is its 500-model subcompact, he said. Other small to midsize models could follow and eventually Fiat models could be built in Chrysler plants for sale in North America and other markets.
Chrysler has more manufacturing capacity that it needs. Its plants have just restarted production after all were idled for about a month, and many are operating only one shift a day.
If Fiat uses Chrysler's manufacturing lines, Fiat would compensate the auto maker, he said. "Whatever Chrysler does for Fiat, including retooling plants, we will pay for," he said.
Meantime, Fiat is addressing with its own lenders the extent of its exposure to Chrysler, particularly when it comes to liquidity. Mr. Marchionne said the two sides are working to ensure there is no "seepage" of liquidity from one company's balance sheet to the other.
The deal, however, is dependent on Chrysler winning concessions from workers, banks, bondholders, suppliers and dealers. Chrysler has begun discussions with the United Auto Workers and informed suppliers it expects them to agree to price cuts. It is also expected to ask creditors to swap debt for equity. The terms of the government loans also call for the company to cut its debt.
"We need to come up with a capital structure of Chrysler so that by the time we finish with all these gyrations, the lottery ticket delivers," Mr. Marchionne said. "I don't want to go through the next five years owning 35% of nothing. ... My goal is to eventually make money."
Write to John D. Stoll at [email protected] and Jeff Bennett at [email protected]

http://online.wsj.com/article/SB123361017413840779.html?mod=yahoo_hs&ru=yahoo

 

[METHOS]

By JOHN D. STOLL and JEFF BENNETT

Fiat CEO Sergio Marchionne says the Italian company will give Chrysler $3 billion in expertise.

scusate ma mi viene spontaneo...

 

[paologorgo]

scusate ma mi viene spontaneo...

eppure sembra che la Qubo attiri la loro attenzione...


With all of the talk about Fiat (FIATY.PK) and Chrysler, there is one thing we can be certain of: the company is looking both to market its fuel efficiency technologies outside of its home market and to expand into the U.S. So, I figured it would be a good idea to take a look at their product line-up.
First, here is a link to their web site for the U.K. I'm not saying we'd get the same line-up in the U.S. but it is an English Language site and it appears to be probably fairly representative of their product line.
Next a couple of photos:
*All Photos Courtesy of Fiat
The 500

The Qubo

The Grand Punto (5 Door)

Bravo

Linea

Looking through the cars they remind me of Ford (F) Focuses (or is that Focui?), Honda Fits, Scions and Minis but with much nicer interiors than your typical compact car, and while these cars aren't exactly my taste they do sell quite well here so there is probably a market for Fiats in the U.S. I think it's going to be a matter of finding the right strategic partner, as well as providing the right branding message to American consumers.
If were to suggest an approach it would go same route as BMW took with the Mini when it was introduced to American market: something hip, quirky and generally different, which just happens to be cost effective and fuel efficient. The idea for this is that you can't build a brand around just being cheap, and since the cars do fit into the same general "appearance genre" as other cars with hipster appeal you might as build your brand around that. The idea would be to build a sense of cachet around the cars, so that they're something people will still want even if they can afford something more expensive.
E.g. they should be trying to compete with the Mini, Scion and VW Jetta as opposed to Corollas, Civics and Focuses, by selling premium versions of the cars they sell in Europe.
At the end of the day marketing Fiats as Italian Scions and Minis as opposed to Italian Kias will probably generate more sales, and build more brand loyalty over time, as your competitive edge is something beyond being simply being low cost. Plus if you have a customer base that includes people who wouldn't normally be in the market for an economy car, it provides you with an opportunity to make extra revenue/inflate your profits by selling various accessories and add-ons.
Part of Toyota's (TM) success with the Scion models is that they're heavily customizable, which allows Toyota (and their Dealership network) to make a lot of extra cash per car sold thus making the cars significantly more profitable then your typical compact car.
Still, it's a couple of years before Fiat hits the U.S. market and we'll just have to wait and see how they're going to market their cars, position the brand in the marketplace, etc.


http://seekingalpha.com/article/118092-fiat-s-product-line-up-u-s-entry-strategy

 

[paologorgo]

U.S. sales by the biggest auto makers plunged even more than expected last month even as per-vehicle buyer incentives jumped, highlighting frayed consumer confidence and the impact that job losses are having on retail sales.
General Motors Corp.'s January light-vehicle sales plummeted a bigger-than-anticipated 49% to 128,198, by far the worst level of the past five months. Industrywide sales sunk to new lows starting in September, and before October the company hadn't fallen below 200,000 in monthly sales in decades.
Ford Motor Co. reported a 40% drop in January sales. That could heighten the liklihood it could request federal aid like GM and Chrysler LLC did in December to keep them operating at least through the first quarter. So far, Ford has insisted it doesn't need a federal bailout.
Ford's decline was led by a 90% plunge in sales to rental companies. GM reported an 80% drop in such fleet sales to 13,000--the lowest level since 1975. Car-rental companies, a big chunk of fleet sales, are themselves under financial straits amid falling rental demand and have cut back orders. Auto makers, at the same time, have wanted to reduce such sales as they have lower profit margins and tend to reduce resale values.


GM's car sales dropped 58% while trucks fell 42%. In all, retail sales made up nearly two-thirds of the company's total for January. GM's North American sales chief said the company's retail-market share was above 21% for the second straight month and a full percentage point above the company's average during the past year.
The sales slide has prompted the auto makers to slash production. GM saw a 78% plunge in North American output at 65,000 vehicles. Its first-quarter output is slated to be down 57%. GM's inventory was off11% at 801,000 whle Ford dropped 27% to 420,000 units.
Ford reported January U.S. light-vehicle sales slumped to 93,041, the first time in many years its monthly figure dropped below 100,000. At Toyota, now the world's largest auto maker by sales, vehicles sold dropped 32% to 117,287.
The steep declines came even though there was one additional selling day in January this year than in the like month a year ago.
Toyota 's car sales fell 29% while sales of pickup trucks and sport-utility vehicles declined 35%. The company's best performers were the Lexus RX SUV and Corolla sedans, which reported declines of 3.5% and 7.2%, respectively.
Ford's retail sales declined 27%. The company said its share of the U.S. retail market rose year-over-year for the fourth-straight month, the first time that's happened since 1995.
Meanwhile, Honda Motor Co. reported a 31% drop to 71,031 vehicles sold in January while Nissan Motor Co. reported a 30% decline to 53,884.
Buyer incentives rose an average 12% to $2,714 a vehicle. Toyota had the biggest increase at 92% to $1,973 while GM has the only decline of the six biggest auto makers at 9.9%. Its average was $2,992.
GM shares were recently down 4.2% at $2.77 while Ford dropped 3 cents to $1.85. American depositary shares of Toyota, Honda and Nissan were each up nearly 2%.


http://online.wsj.com/article/SB123367018137943377.html?mod=yahoo_hs&ru=yahoo

 

[paologorgo]

Carmakers reduced incentives by $146/vehicle in January, Edmunds.com says, though at an average $2,714 they remain $301 higher than a year ago. Chrysler lead the way at $4,196, while Toyota's (TM) $1,973 was the most modest motivator.

S.A.